Influencer Marketing: Tips on Best Way to Budget
We chatted about the Influencer and Digital Marketing industry and how brands can leverage these new avenues to increase digital presence and revenue.
Over the last few years, there has been a major increase in Influencer and Digital Marketing spending, with over 83% of brands now using Influencer Marketing and social media campaigns as part of their overall brand strategy.
Brands continue to gravitate toward Digital and Influencer Marketing because it’s much easier to measure and track their return on investment (ROI).
Within any company there are typically three different branches that will have budget to spend on Influencer Marketing:
- Public Relations
Depending on the branch that is allocating the budget, the goals of a campaign might be very different and determining how much to spend and who to spend it on is entirely up to the brand.
When companies are considering how to best spend their influencer budget, they should look at the influencers who would best move the needle for the business, and this decision goes well beyond basic follower count.
D’Marie has developed a proprietary algorithm that measures over 56 metrics on Facebook, Twitter, and Instagram, to give brands a better understanding on things like posting frequency, quality of posts, content reach, and more.
All of these metrics allow D’Marie to better track the success of any given campaign and the reach of any given influencer.
As with all other forms of advertising, it’s important for brands to remember that their spend is directly proportional to the ROI they can expect. The higher the spend, the more people a company will reach.
It’s also important to know that the price of influencer marketing fluctuates like the stock market, every day there are new prices and evaluations, which is why staying up to date on data is crucial. Individual rates will also vary through negotiations on the brand and influencer side.
That being said, D’Marie recently evaluated Beyoncé and found that she is the first person to reach $1 million for a single post across Instagram, Twitter, and Facebook.
Further proof that the value of the influencer is undeniable in today’s market!
Check out the video below for more: